Elie Kochman on Business and Networking

Recently on LinkedIn I asked a question about business cards and etiquette – do you always reciprocate handing out a card? That is, if someone gives you their card, should you give that person one of yours? If you hand someone your card, should you request one in exchange?

Before going any further, one thing needs to be clarified. I was asking the original question for a particular reason, and it was not so that I could write this article. I’m planning on attending a speed networking event next week, in which participants are seated at tables with five other people and get two minutes to make an introduction. The last time I attended, before anyone spoke, I had 5 cards in front of me, one from each person. After the introductions, however, I only really saw value in 2 or 3 of the connections.

The second half of the issue is that I did, at that event, reciprocate the handing out of my card. I ended up on 3 distribution lists as a result, and it took a while to get taken off one of those. All three people who put me on their mailing lists had something in common – they were all mutual fund salesmen. The question I was trying to get answered was whether I could [politely] refuse to give my card to the mutual fund salesmen at the next event.

I got many answers to my question, some of which addressed my concerns, others which seemed to ignore that aspect of the question. However, I did learn a few things about such events, and the ramifications of sharing a card.

1. Speed networking events are of limited value, because, while they allow you to meet many people in rapid succession, they often do not allow you to establish a solid connection with any one person.
2. Given then I will be attending this event (although this may be my last such event), sharing my card is considered to be a necessity. That is, I cannot politely decline to share my card with any one person or group of people.
3. I can control when to share my card – I can wait until it’s my turn to introduce, thus linking my card to my introduction.
4. I can make mention that I do not wish to be placed on any distribution lists – while I welcome networking opportunities, please keep my e-mail off any type of mailing list you may have.
5. When receiving cards, make notes on the back regarding the person who gave me the card, and any other information that may be relevant.
6. You never know where your next successful connection will come from, so don’t try to guess. Instead, hand your care to anyone who will take it, but always include a brief summary of what it is you do, and what it is you’re looking for.

What do you think about sharing your card? What value can you find is such events?

While these two concepts don’t need to be at odds with one another, I’m curious to know how people perceive the difference between networking online versus in person. Most people do both, whether consciously or not, but what’s the difference between the two?

One answer is that our online networks tend to be a lot more widespread than our in person networks, including a lot more people. However, when we connect with someone in person, we tend to create a stronger link on an individual basis.

What do you think are some of the differences between online and face-to-face networking?

This post is a little different from my normal posts. All I’m going to do is ask a question, and I’m genuinely interested in your opinions on this.

Where and how do you network? Why do you network that way, and how could your existing networking be improved? What changes might you make to your networking activities, if you were able to?

To start, I will provide my answer:

I network primarily on a variety of websites, such as Facebook, Linked In, and Twitter. I try to participate in those communities, and interact with the people I’m connected with. I also have a regular networking meeting about once every 5 weeks with several people working in similar fields to my own. On occasion I will attend a business card exchange event. Ideally, I would like to spend more time in face-to-face networking, were time and distance not factors.

I just finished reading Trust Agents by Chris Brogan and Julien Smith. If you’re reading this blog, you probably already know the authors from their wide-spread online presence. If not, check out their blogs, from where you can find more information about them (for Chris’ blog, click here; for Julien’s blog, click here).

I would first like to thank both Chris Brogan and LinkedIn – this book was sent to me as part of winning a contest on Twitter several weeks ago. There were no strings attached to me getting the book. However, I enjoyed reading the book, and so decided to write a review of the book.

In order to understand my perspective on the book, I need to take you back to when I was first introduced to Chris. My friend and colleague Jeremy Lichtman started a friendly competition on his blog on January 1, 2009 (read the post here) to complete Chris’ list of 100 blogging topics, and on January 12, I decided to take him up on the challenge. At this point, I had never heard of Chris Brogan.

Fast forward a few months, and I had become a regular reader of Chris’ blog, and soon signed up for his weekly newsletter. I’ve had a couple of e-mail exchanges with him on various small topics relating to his newsletter. Then the book came out, and I was immediately intrigued by the title, and when he posted the competition in conjunction with LinkedIn, I submitted my entry (click here to see my post), and was pleased to see that I had won.

The way I had won the book in the first place demonstrates how appropriate it is that I read the book. Chris and Julien wrote about establishing trust online, and clearly, I had already been involved with establishing trust with Chris himself. Many of the lessons they wrote about I already knew, but never thought about in a conscious manner. Trust takes time to establish, but can be destroyed in seconds. Most people know this, but don’t think about it.

The book was easy to read and well-written, flowing smoothly between topics. The objectives of the various points were well laid out. If you read Chris’ newsletter (and if you don’t, I recommend you sign up here), then you’ll be familiar with the style.

From a content perspective, the book did not teach me anything new per se, but rather promoted critical thinking about how and why online relationships work. Having completed the book, I do not believe that I am now a trust agent – rather, I understand more about the side effects of the various actions I do online. I understand the power of the masses, and how it can be harnessed for mutually beneficial purposes. I understand the difference between asking a friend for a favor, and getting your friend to offer the favor before you ask.

Most of all, I now understand the path I am on (after all, if you are present in several online communities, you are involved in establishing trust at some level), and what I can do to ensure that I don’t have to learn all the lessons the hard way, and how I can be sure to apply established rules to increase my circles of awareness and acceptance as rapidly and smoothly as possible.

If you blog, or interact in any manner online, I strongly recommend that you read this book. It will explain to you much of what is happening to your relationships as you progress in your online involvement.

I’m currently looking for some topics to write about that would be of interest to people seeking career advice, small business owners, and general advice relating to business. What would you like to see written about?

Last night was the second round of Parnasa Fest in Toronto. While the turnout at the event could have been better (about 30 – 40 people came), it did teach me something new about small networking events.

At a small networking event, you will have the opportunity to speak to every person in the room. I now know how 30 people can help others, and how I can help them. In a larger group, I find that you get caught in a much smaller group of people with whom you talk at length, and don’t learn anything about the majority of the people in the room.

The second benefit to the evening was the ability to reconnect with several people whom I had met at the first Parnasa Fest, and speak to some of them for a little longer than I had before. This is one of the benefits to holding a series of events, as it provides the opportunity to really grow your network by establishing a relationship of sorts with people I would be unlikely to meet otherwise.

I have been asked by several people, and been recommended to several people, as a resource on how to use LinkedIn effectively. The reason for the questions is that people who are in my network see a flurry of activity coming from my account on a daily basis. While I would not claim to be an expert on all aspects of using LinkedIn, I am, however, familiar enough to give others some direction to getting their professional networking off to a good start.

Before I describe what I have done, and continue to do, to keep my account looked at, I feel obliged to provide a small warning. Networking at this level requires a fair amount of work, and the payoff can take many months to appear. It is hard to keep focused and to put in the work as time goes on. However, persistance does pay off after time.

When I signed up for my account, it took me several weeks to fill out my account information. Schools I went to, places I worked, building up my network to connect to people I know who also have accounts. I sent out masses of e-mails to people I know who were not on LinkedIn, and soon many of them created accounts as well.

The next step for me was to join a few groups with whom I share a common interest. I belong to a group relating to IT jobs, another group for my local community, and another for my local Chamber of Commerce. I read the discussions that are being discussed in the group and provide answers or responses on occassion.

Finally, I entered the world of answering questions. As of the writing of this article, I have answered 124 questions, including referrals to other people in my network. I have had 6 answers selected as the Best Answer, and 24 selected as Good Answers (the selection is done by the person who posted the question). By doing this, other people on LinkedIn with whom I am not directly connected can see what areas my expertise covers, and get a feel for my credibility. Answering questions takes a lot of time. On any given day, there are 100’s of questions asked, and reading through all of them can take over an hour a day, plus time spent providing answers where possible.

On any given day, I tend to spend in excess of 2 hours on LinkedIn, most of it answering questions. However, I also spend some time looking at updates from people in my network. That way, if someone in my network is looking for something which I can help with, I know right away.

LinkedIn is a way for you to publicly establish your credibility using your existing network. The more active you are on the site, the more other people outside your network will see you. That, in turn, will make them pay attention to you, by visiting your profile, visiting your personal site if you have linked to it, and getting in touch with you when they think they have an opportunity that you may be interested in. (I have been contacted by 4 people in the last month who found me through my activity on LinkedIn.)

As a small business owner, or one who works from home, you should consider, if you have not done so already, acquiring a mentor. A mentor can provide you with years of experience. Whether it’s advice on getting some contracts drafted by a lawyer, or how to analyze the benefits of different advertising packages, a mentor has been through these same decisions in the past. In addition to the advice that you will get, you acquire an additional form of motivation, as your mentor will encourage you to succeed in your business.

Of course, you will need to find a mentor, and understand how to evaluate the benefits and risk you will gain as a result of pairing up with a mentor.

A mentor for a business is typically a leader, or former leader, of another business. They have succeeded in the past, and are willing to contribute their time and knowledge to help others succeed as well. This gives you the first item to check out – what has your potential mentor done in the past?

You want to find a mentor who understands your business to some degree. While any successful CEO might be able to provide good business advice, you should try to find someone who succeeded in an industry similar to your own. If you are in manufacturing, some of your issues will be unique to that industry. The owner of a service-providing company will not be able to provide you with sufficient advice regarding those issues.

In my case, I provide a service in the technology sector. If I were trying to find a mentor, I would want someone who:

• Worked in technology
• Worked with services
• Worked with consultants
• Worked with small businesses
• Started a business from nothing

The ideal mentor may not be the most well-known person, but he or she would be able to provide advice in all the categories listed above. After all, the issues I will be facing will fit into one or more of those categories, so the best advice I can get will be from someone who has experience in those categories.

In looking for a mentor, look to government programs, or your local Chamber of Commerce. Many provide the service of linking small business owners and entrepreneurs with mentors. As well, if you use Linked In, you may be able to locate a mentor by asking for one (use their Questions and Answers feature).

If you have other ideas or recommendations regarding mentorship for small businesses, please comment! I look forward to reading your ideas!

There are a few reasons to host a part 2 to Parnasa Fest, or, in fact, any networking event:

1. Networking takes times. The first time you meet someone, they don’t know you, and therefore, may be reluctant to refer you to another associate. Only time can build your credibility, so seeing them at multiple networking events helps you meet them again.
2. The first event was a success, as measured by the number of people who turned out, as well as by the fact that at least one referral (probably more, but I only know of one specific case) was made as a direct result of Parnasa Fest. This can help ensure that even more people turn out for the next event.
3. There was something missing in the first event that would have made the event better: more hiring companies. One of the aims of the next event will be to get other recruitment firms to attend, as well as representatives from companies that are actively hiring (yes, a few such companies exist even in a lousy economy).

That being said, if you know of a company that is hiring, or if you have a connection to a recruitment firm, located in the GTA, please pass on that information and perhaps help someone get a job.

As per a comment on an ealier post, I missed one section of the application process – your cover letter. This is perhaps the most significant part of your application, and yet, it often recieves the least attention. A well-written cover letter can make the difference between getting a job and not even reaching the interview room. I will attempt to answer here the question: what makes one cover letter better than the next?

Most applications consist of two parts: a resume or CV which outlines your professional experience, and a cover letter, which outlines you, as related to the position in question. For the resume, there are standard components: work experience, education, certifications, and so on. For the cover letter, the guidelines are less clear. Beyond the formatting, which, of course, should be in the same style as your resume, and the spelling and grammer, which should be correct, there are few rules about what goes into a cover letter.

1. Customize: A cover letter should be drafted for each and every application you make. Even if the titles of the position are the same, or you are applying for two different positions at the same company, the cover letter for each application should be unique. Of course, some of the content will overlap, but each should be written on its own.
2. Concise: A cover letter does not have to be a long treatise on your life story, and in fact, should not exceed a single page. Recruiters don’t want to sift through huge amounts of data to get at the real information, and they don’t have time to read through every essay that crosses their path. If your letter is relatively brief, it has a higher chance of being read to completion.
3. Informative: Use the cover letter as a way to show that you have researched the position you are applying for. Talk about some of your skills that would make you an ideal candidate. Highlight relevant experience you have that would be of benefit to the position.
4. Make a Sale: Talk about how the company would benefit by hiring you, not about how you will benefit from being hired. Convince them that they have a need for you, not the other way around.
5. Interest: What gave you the incentive to apply for the position? Did you come across a posting on a job board? Did a friend recommend the company? Did you read about them in the paper?